WHAT IS NBFC-ACCOUNT AGGREGATOR
NBFC- Account Aggregators are the Companies having registration from the Reserve Bank of India for sharing financial data of the general public with Financials organization with the consent of the user. They act as an intermediary between Financial Information providers (FIP) to Financial information user(FIU).
WHAT ARE THE REQUIREMENT FOR REGISTRATION
HOW TO REGISTER AS A NBFC-ACCOUNT AGGREGATOR
a) The company has the necessary resources and wherewithal to offer such services to customers.
b) The company has an adequate capital structure to undertake the business of an account aggregator.
c) The promoters of the company are fit and proper.
d) The general character of the management or proposed management of the company is not prejudicial to the public interest.
e) The company has a plan for a robust Information Technology system.
f) The company shall not have a leverage ratio of more than seven. 6
g) That the public interest shall be served by the grant of certificate of registration to the Account Aggregator to commence or to carry on the business in India.
h) Any other condition that made be specified by the Bank from time to time, the fulfillment of which in the opinion of the Bank shall be necessary to ensure that the commencement of or carrying on the business in India shall not be prejudicial to the public interest.
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